The chart you’re looking at displays a potential pattern on the EURUSD . This pair has been in consolidation as of late which has been a positive thing for pattern traders, nailing profits on both the previous and patterns that were offered. Will this next potential pattern meet the same fate? I hope so, but honestly there is no way to tell. Remember traders we don’t have any control over the markets, they do what they want when they want. The only thing that we can control is ourselves and how well we execute our trading plan.
The green/red boxes on the side will give you an idea of where I’m looking for initial stops and targets. The risk reward on this particular pair is slightly above 1:1 so unless we have a perfect completion, I’m expecting an inverse risk/reward going forward.
If you’re around this Friday I’ll be doing a Live Google Hangout in my trading room. With the Non-Farm Employment release coming I have no intentions of trading so I figured we could all hang out and do a little Question & Answer. If you’re interested just head over and subscribe to my youtube channel. It will be THIS FRIDAY at 8am New York Time. https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg
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That is actually the reason why I got interested in advanced patterns in the first place. I just started trading Bats a few weeks ago on demo, and I must say I'm having great success with them so far.
Last week I didn't have a single loss. Just a long string of winners, and some breakeven. Of course, a week is not long enought to be representative, but I'm gaining more and more belief in them as a strategy for consolidating markets.
And I love that you can just set a pending order at the D completion. Suits my lifestyle perfectly as I don't have to stay glued to my computer to be able to trade.